Closings glossary
Schedule B
The requirements and exceptions section of a title commitment. Requirements are cleared before closing; exceptions remain uninsured unless removed or endorsed over.
What is Schedule B of a title commitment?
Quick Answer
The full definition
The requirements and exceptions section of a title commitment. Requirements are cleared before closing; exceptions remain uninsured unless removed or endorsed over.
Also called: Requirements and exceptions, Schedule B-1, Schedule B-2.
Where does schedule b come up in a New York City closing?
A Manhattan Schedule B requires satisfaction of a 2009 mortgage and excepts a 1926 party wall agreement, which stays on the policy after closing.
What else should you read before closing?
In the glossary
- Schedule AThe part of a title commitment or policy naming the insured, the policy amount, the current owner, the estate insured and the legal description of ...
- Title exceptionA matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted ...
- Title commitmentThe document offering to insure title on stated terms, with Schedule A facts and Schedule B requirements and exceptions. It is the working agenda b...
- Curative workThe clearance steps taken between commitment and closing to remove title requirements: releases, satisfactions, corrective deeds, estate paperwork ...
- EndorsementAn add-on that modifies a title policy's coverage for a defined risk. Endorsement charges come from the filed New York rate structure rather than f...
Questions this raises
- What is the difference between a title search and a title commitment?The search is raw discovery. The commitment is the insurer's offer, split into Schedule A, B-I requirements and B-II exceptions. How to read both i...
- What is curative title work?Curative work clears Schedule B-I before closing: payoffs, missing satisfactions, heirship affidavits, ACRIS indexing fixes and escrow holdbacks in...
Have a closing coming up?
Tell us about the transaction. An attorney reads every intake form and responds the same business day.
Legal Disclaimer: This page is general information about New York practice. It is not legal advice, it does not account for the terms of any particular contract, building or transaction, and reading it does not create an attorney-client relationship. This is attorney advertising. Prior results do not guarantee similar outcomes.